Elastic (NYSE:ESTC) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Elastic (NYSE:ESTC) had its price target lifted by Robert W. Baird from $135.00 to $140.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s price target indicates a potential upside of 20.66% from the stock’s current price.

ESTC has been the topic of a number of other research reports. DA Davidson raised their target price on shares of Elastic from $75.00 to $115.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Bank of America increased their price objective on shares of Elastic from $94.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Royal Bank of Canada increased their price objective on shares of Elastic from $110.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. Wells Fargo & Company increased their price objective on shares of Elastic from $100.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Finally, Jefferies Financial Group increased their price objective on shares of Elastic from $110.00 to $135.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Seven research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Elastic presently has a consensus rating of “Moderate Buy” and an average target price of $126.22.

Elastic Price Performance

NYSE ESTC opened at $116.03 on Friday. Elastic has a 12 month low of $69.00 and a 12 month high of $136.06. The stock has a market cap of $12.02 billion, a price-to-earnings ratio of 210.48 and a beta of 1.07. The company’s 50 day moving average is $105.85 and its two-hundred day moving average is $95.51. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.70.

Elastic (NYSE:ESTC) last released its earnings results on Thursday, February 27th. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.48). Elastic had a negative return on equity of 13.20% and a net margin of 4.39%. The firm had revenue of $382.08 million for the quarter, compared to the consensus estimate of $368.85 million. As a group, research analysts anticipate that Elastic will post -0.77 earnings per share for the current year.

Insider Activity

In other Elastic news, CEO Ashutosh Kulkarni sold 7,017 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $108.12, for a total value of $758,678.04. Following the completion of the sale, the chief executive officer now directly owns 395,326 shares of the company’s stock, valued at $42,742,647.12. The trade was a 1.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On Elastic

Institutional investors have recently modified their holdings of the stock. Geneos Wealth Management Inc. purchased a new position in shares of Elastic during the fourth quarter worth approximately $25,000. SBI Securities Co. Ltd. purchased a new position in shares of Elastic during the fourth quarter worth approximately $25,000. Fourth Dimension Wealth LLC purchased a new position in shares of Elastic during the fourth quarter worth approximately $26,000. Venturi Wealth Management LLC increased its position in shares of Elastic by 793.3% during the fourth quarter. Venturi Wealth Management LLC now owns 268 shares of the company’s stock worth $27,000 after acquiring an additional 238 shares during the period. Finally, Smartleaf Asset Management LLC increased its position in shares of Elastic by 126.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 283 shares of the company’s stock worth $28,000 after acquiring an additional 158 shares during the period. 97.03% of the stock is owned by hedge funds and other institutional investors.

About Elastic

Elastic N.V., a data analytics company, delivers solutions designed to run in public or private clouds in multi-cloud environments. It primarily offers Elastic Stack, a set of software products that ingest and store data from various sources and formats, as well as performs search, analysis, and visualization on that data.